Recent Headlines About Economic Strengths
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VEDA sees drop in loan requests
Vermont Public Radio reports that the Vermont Economic Development Authority (VEDA), Vermont's leading economic development lender, says that "business has dropped dramatically this year." Indeed, this year, "VEDA budgeted more than $10 million in direct loans," but with less than two months remaining in the fiscal year, "only $3.5 million has been loaned." In response, VEDA executive chief Jo Bradley said she "hopes to drive a turnaround" over the next few weeks by providing economic stimulus loans. Recently, "the Legislature approved an economic stimulus package that includes one million dollars for VEDA." VEDA "will use that money to leverage 18 million dollars in loans" and will have "interest rates well below prime."
Vermont Court Floridians for Summer
The Times Argus reports that in hopes of boosting tourism this summer, "inns and hotels across Vermont are planning to offer Florida residents special package deals — ranging from discounted room rates to complimentary cheese farm tours [and] gift baskets." In addition, "the state is touting deals for Floridians on its website and has launched a media campaign, hoping newspapers and Web sites will publicize the deals." The state will also launch a nationwide "advertising blitz [that] will promote Vermont in TV ads." Notably, "in 2005, the most recent year for which figures are available, Vermont had an estimated 68,560 visitors from Florida and 71,120 from Texas."
Senate doubles limit on raw milk sales in state
The Brattleboro Reformer reports that the Senate gave final approval to a bill that will raise the limit on the number of quarts of raw, unpasteurized milk that a farmer may sell from the farm from 25 to 50 quarts a day. Currently, "state law restricts the sale of unpasteurized milk for fear that milk can become contaminated and pose a health threat if unpasteurized." Proponents of unpasteurized milk contend that raw milk "is more nutritious than pasteurized milk and can help guard against the development of allergies." According to Amy Shollenberger, director of the farm advocacy group Rural Vermont, the legislation will not allow raw milk to be sold in stores. Notably, "the decision was made after an informal agreement among advocates and officials from the Agency of Agriculture and state Health Department that they would meet informally in the coming months to try to develop a certification system" for unpasteurized milk next year.
VCF Staff
New law permits farmers to sell more raw milk
Vermont Public Radio reports that "a new law allows Vermont farmers to sell up to 50 quarts of raw milk a day, but some farmers say the demand is much greater." Raw milk buyers argue that raw milk is "more nutritious and easier to digest than pasteurized milk. But the U.S. Food and Drug Administration calls it inherently dangerous given that it can contain harmful bacteria." Notably, "22 states ban the sale of raw milk for human consumption, and the U.S. Food and Drug Administration prohibits cross-border sales." Maine, however, "is one of eight states that allow the sale of raw milk at retail stores," and in New Hampshire, "farmers can sell directly to consumers, but are limited to five gallons a day unless they get licenses."
Rising fuel costs means pricier maple syrup
The Burlington Free Press reports that according to Bruce Martell, agricultural development coordinator at the Vermont Agency of Agriculture, this year's average consumer price for one gallon of maple syrup is $40. This prices represents a 25 percent increase in cost over the past five years. The increase is driven mostly by rising fuel costs, but also by higher labor costs, because "workers battled a harsher than usual winter."
Business registrations down in 2007
Vermont Public Radio reports that according to the Secretary of State's Corporations Division, "Five-hundred fewer businesses registered with the state of Vermont in 2007 than in previous years." Indeed in 2006, 9,900 businesses registered, while in 2007, 9,400 businesses registered. "Secretary of State Deb Markowitz says it's too soon to tell if the numbers reflect a downturn in the economy or if the numbers are an anomaly." Markowitz also stressed the importance of "tak[ing] a longer view." Duane Marsh, president of the Vermont Chamber of Commerce, said "he's not too alarmed about the numbers and says the drop in business registrations may simple be part of a natural business cycle."
Other notables about the state's business climate include:
- "The state saw a downturn in the number of new trade names and corporations registered"
- "The number of Limited Liability Corporations - or LLCs - in the state continued to grow."
- "Vermont had fewer new non-profits registered in the state last year."
Markowitz added that these signs "may be an indication of less money being available to starts-up, whether they are non-profit or for-profit entities."